Measuring the Benefits of Greater Spatial Granularity in Short-Term Pricing in Wholesale Electricity Markets

2011 ◽  
Vol 101 (3) ◽  
pp. 247-252 ◽  
Author(s):  
Frank A Wolak
Keyword(s):  
Natural Gas ◽  
Electricity Markets ◽  
Electricity Market ◽  
Short Term ◽  
Locational Marginal Pricing ◽  
Marginal Pricing ◽  
Before And After ◽  
Natural Gas Prices ◽  
The Impact ◽  
Generation Unit

Hourly generation unit-level output levels, detailed information on the technological characteristics of generation units, and daily delivered natural gas prices to all generation units for the California wholesale electricity market before and after the implementation of locational marginal pricing are used to measure the impact of introducing greater spatial granularity in short-term energy pricing. The average hourly number of generation unit starts increases, but both the total hourly energy consumed and total hourly operating costs for all natural gas-fired generation units fall by more than 2 percent after the implementation of locational marginal pricing.

scholarly journals Locational Marginal Pricing (LMP) in Deregulated Electricity Market

2012 ◽  
pp. 283-287
Author(s):  
Basanta Kumar Panigrahi
Keyword(s):  
Linear Programming ◽  
Power Systems ◽  
Electricity Markets ◽  
Electricity Market ◽  
Power Flow ◽  
Supply And Demand ◽  
Locational Marginal Pricing ◽  
Marginal Pricing ◽  
Ac Power ◽  
Network Losses

The deregulation of electricity markets has a very large impact on almost all the power systems around the world. Competitive markets are complex systems with many participants who buy and sell electricity. Much of the complexity arises from the limitations of the underlying transmission systems and the fact that supply and demand must be in balance at all times. Generally the Locational marginal pricing (LMP) is obtained by solving a linear programming formulation. Network losses are considered through the preset loss factor based on historical operational information. This usually brings error in the calculated loss under different new scenarios. In this paper a new iterative LMP calculation method is proposed to overcome the aforementioned drawbacks associated with the traditional LMP calculations. At each iteration, a linear programming problem for market clearing is solved first .Losses on branches are considered as fictitious nodal demand at their terminal buses .Secondly the AC power flow calculated according to the dispatch results. Loss factors and fictitious nodal demand are then updated according to the AC power flow solution. The effectiveness of the proposed method is illustrated on PJM 5 bus

The Impact of Electricity Market Conditions on the Value of Flexible CO2 Capture

2012 ◽  
Author(s):  
Stuart M. Cohen ◽  
Michael E. Webber ◽  
Gary T. Rochelle
Keyword(s):  
Natural Gas ◽  
Co2 Emissions ◽  
Co2 Capture ◽  
Electricity Market ◽  
Power Output ◽  
Power Plants ◽  
Natural Gas Prices ◽  
Operational Energy ◽  
The Impact ◽  
Electrical Output

Carbon dioxide (CO2) capture with amine scrubbing at coal-fired power plants can remove 90% of the CO2 from flue gas, but operational energy requirements reduce net electrical output by 20–30%. Temporarily reducing the load on energy intensive components of the amine scrubbing process could temporarily increase power output and allow additional electricity sales when prices are high. Doing so could entail additional CO2 emissions, or amine solvent storage can be utilized to allow increased power output without additional CO2 emissions. Price-responsive flexible capture is studied for $0–200/tCO2 and $2–11/MMBTU natural gas using a nominal 500 MW coal-fired facility in the 2010 Electric Reliability Council of Texas (ERCOT) grid. CO2 capture systems use a 7 molal monoethanolamine (MEA) solvent. Venting additional CO2 while increasing electrical output provides significant benefit only at $30–60/tCO2 and when natural gas prices exceed $4/MMBTU. Solvent storage can improve profitability with CO2 capture at higher CO2 emissions penalties, but primarily at low-to-moderate natural gas prices when power plant capacity factor is less than 90%.

Impact of Michigan’s new opioid prescribing laws on spine surgery patients: analysis of the Michigan Spine Surgery Improvement Collaborative

2020 ◽  
pp. 1-6
Author(s):  
Paul Park ◽  
Victor Chang ◽  
Hsueh-Han Yeh ◽  
Jason M. Schwalb ◽  
David R. Nerenz ◽  
...  
Keyword(s):  
Spine Surgery ◽  
Spinal Surgery ◽  
Readmission Rate ◽  
Rating Scale ◽  
Short Term ◽  
Readmission Rates ◽  
Opioid Prescribing ◽  
Number Of Patients ◽  
Before And After ◽  
The Impact

OBJECTIVEIn 2017, Michigan passed new legislation designed to reduce opioid abuse. This study evaluated the impact of these new restrictive laws on preoperative narcotic use, short-term outcomes, and readmission rates after spinal surgery.METHODSPatient data from 1 year before and 1 year after initiation of the new opioid laws (beginning July 1, 2018) were queried from the Michigan Spine Surgery Improvement Collaborative database. Before and after implementation of the major elements of the new laws, 12,325 and 11,988 patients, respectively, were treated.RESULTSPatients before and after passage of the opioid laws had generally similar demographic and surgical characteristics. Notably, after passage of the opioid laws, the number of patients taking daily narcotics preoperatively decreased from 3783 (48.7%) to 2698 (39.7%; p < 0.0001). Three months postoperatively, there were no differences in minimum clinically important difference (56.0% vs 58.0%, p = 0.1068), numeric rating scale (NRS) score of back pain (3.5 vs 3.4, p = 0.1156), NRS score of leg pain (2.7 vs 2.7, p = 0.3595), satisfaction (84.4% vs 84.7%, p = 0.6852), or 90-day readmission rate (5.8% vs 6.2%, p = 0.3202) between groups. Although there was no difference in readmission rates, pain as a reason for readmission was marginally more common (0.86% vs 1.22%, p = 0.0323).CONCLUSIONSThere was a meaningful decrease in preoperative narcotic use, but notably there was no apparent negative impact on postoperative recovery, patient satisfaction, or short-term outcomes after spinal surgery despite more restrictive opioid prescribing. Although the readmission rate did not significantly increase, pain as a reason for readmission was marginally more frequently observed.

scholarly journals Investigating the Impact of Brief Outings on the Welfare of Dogs Living in US Shelters

Animals ◽  
2021 ◽  
Vol 11 (2) ◽  
pp. 548
Author(s):  
Lisa M. Gunter ◽  
Rachel J. Gilchrist ◽  
Emily M. Blade ◽  
Rebecca T. Barber ◽  
Erica N. Feuerbacher ◽  
...  
Keyword(s):  
Stress Reduction ◽  
Physiological Measures ◽  
Urinary Cortisol ◽  
Short Term ◽  
Animal Shelters ◽  
Time Out ◽  
Before And After ◽  
Activity Measures ◽  
The Impact ◽  
Low Activity

Social isolation likely contributes to reduced welfare for shelter-living dogs. Several studies have established that time out of the kennel with a person can improve dogs’ behavior and reduce physiological measures of stress. This study assessed the effects of two-and-a-half-hour outings on the urinary cortisol levels and activity of dogs as they awaited adoption at four animal shelters. Dogs’ urine was collected before and after outings for cortisol:creatinine analysis, and accelerometer devices were used to measure dogs’ physical activity. In total, 164 dogs participated in this study, with 793 cortisol values and 3750 activity measures used in the statistical analyses. We found that dogs’ cortisol:creatinine ratios were significantly higher during the afternoon of the intervention but returned to pre-field trip levels the following day. Dogs’ minutes of low activity were significantly reduced, and high activity significantly increased during the outing. Although dogs’ cortisol and activity returned to baseline after the intervention, our findings suggest that short-term outings do not confer the same stress reduction benefits as previously shown with temporary fostering. Nevertheless, it is possible that these types of outing programs are beneficial to adoptions by increasing the visibility of dogs and should be further investigated to elucidate these effects.

scholarly journals Investment Incentives in Competitive Electricity Markets

2018 ◽  
Vol 8 (10) ◽  
pp. 1978 ◽  
Author(s):  
Jaber Valinejad ◽  
Taghi Barforoshi ◽  
Mousa Marzband ◽  
Edris Pouresmaeil ◽  
Radu Godina ◽  
...  
Keyword(s):  
Electricity Markets ◽  
Electricity Market ◽  
Planning Horizon ◽  
Optimization Method ◽  
Design Criterion ◽  
Mixed Integer ◽  
Investment Incentives ◽  
Mixed Integer Linear Program ◽  
Interconnected Power System ◽  
The Impact

This paper presents the analysis of a novel framework of study and the impact of different market design criterion for the generation expansion planning (GEP) in competitive electricity market incentives, under variable uncertainties in a single year horizon. As investment incentives conventionally consist of firm contracts and capacity payments, in this study, the electricity generation investment problem is considered from a strategic generation company (GENCO) ′ s perspective, modelled as a bi-level optimization method. The first-level includes decision steps related to investment incentives to maximize the total profit in the planning horizon. The second-level includes optimization steps focusing on maximizing social welfare when the electricity market is regulated for the current horizon. In addition, variable uncertainties, on offering and investment, are modelled using set of different scenarios. The bi-level optimization problem is then converted to a single-level problem and then represented as a mixed integer linear program (MILP) after linearization. The efficiency of the proposed framework is assessed on the MAZANDARAN regional electric company (MREC) transmission network, integral to IRAN interconnected power system for both elastic and inelastic demands. Simulations show the significance of optimizing the firm contract and the capacity payment that encourages the generation investment for peak technology and improves long-term stability of electricity markets.

Accrual management and the decision to sell or hold shares acquired from the exercise of employee stock options

2020 ◽  
pp. 0000-0000
Author(s):  
Thomas Smith ◽  
G. Ryan Huston ◽  
Richard M. Morton
Keyword(s):  
Stock Option ◽  
Employee Stock Options ◽  
Short Term ◽  
Post Exercise ◽  
Employee Stock Option ◽  
Holding Period ◽  
Before And After ◽  
Accrual Management ◽  
The Impact

This study extends the employee stock option literature by examining the impact of accrual management, before and after stock option exercise, on the timing of sales of shares acquired at exercise. We find evidence that accrual management prior to exercise is positively associated with the decision to quickly sell shares after exercise, facilitating a short-term exercise-and-sell strategy. Alternatively, we find that, among executives initially choosing to hold at exercise, tax incentives appear to drive both post-exercise accrual management and the timing of sale transactions. Specifically, our results suggest that executives use income-increasing accruals during the holding period to bolster their stock option gains sand then sell immediately after satisfying the minimum (twelve month) holding period for long-term capital gain treatment. These results provide context for prior research that found evidence of earnings management leading up to option exercise on the expectation of an immediate sale.

scholarly journals Operational Planning and Bidding for District Heating Systems with Uncertain Renewable Energy Production

Energies ◽  
2018 ◽  
Vol 11 (12) ◽  
pp. 3310 ◽  
Author(s):  
Ignacio Blanco ◽  
Daniela Guericke ◽  
Anders Andersen ◽  
Henrik Madsen
Keyword(s):  
Renewable Energy ◽  
Power Systems ◽  
Power System ◽  
Electricity Markets ◽  
Electricity Market ◽  
Renewable Energy Sources ◽  
District Heating ◽  
Operational Planning ◽  
Solution Approach ◽  
The Impact

In countries with an extended use of district heating (DH), the integrated operation of DH and power systems can increase the flexibility of the power system, achieving a higher integration of renewable energy sources (RES). DH operators can not only provide flexibility to the power system by acting on the electricity market, but also profit from the situation to lower the overall system cost. However, the operational planning and bidding includes several uncertain components at the time of planning: electricity prices as well as heat and power production from RES. In this publication, we propose a planning method based on stochastic programming that supports DH operators by scheduling the production and creating bids for the day-ahead and balancing electricity markets. We apply our solution approach to a real case study in Denmark and perform an extensive analysis of the production and trading behavior of the DH system. The analysis provides insights on system costs, how DH system can provide regulating power, and the impact of RES on the planning.

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